After Bitcoin launched in 2009, it became clear to proponents that it would have a difficult time ever becoming "electronic cash." It was too slow and decentralized. Instead, the consensus was reached that its purpose should fit its architecture. The pivot was important: Bitcoin aimed to be a decentralized store of value — a digital vault. It wasn't built for speed, and as a store of value, it would never need to be fast.

Ten-minute block times were acceptable because they didn't need to be used for daily payments, let alone real-time gaming or algorithmic trading. It wouldn't have to compete with Visa or PayPal; it simply had to serve as a hedge against macroeconomic and geopolitical risks, like its gold and rare metal counterparts.

As such, its limited throughput was reframed as a

See Full Page